DAT completes Noor Takaful acquisition

DAR Al Takaful PJSC (DAT) recently confirmed the completion of the acquisition of Noor Takaful General and Noor Takaful Family.

A recent bourse disclosure stated that the share transfer of Noor takaful General and Noor Takaful Family to DAT is now complete. In this regard, Rajesh Sethi (former CEO of Noor Takaful General and Noor Takaful Family) has been formally appointed as the new chief executive officer of DAT.

Dar Al Takaful PJSC had announced earlier that the company had entered into a legally binding share purchase agreement with Noor Investment Group LLC and Noor Bank PJSC to acquire Noor Takaful General PJSC and Noor Takaful Family PJSC in a cash transaction estimated to be worth AED215 million.

According to an earlier bourse filing, the transaction was said to be consistent with the company’s strategy to build scale and market share in fragmented market conditions. Dar Al Takaful expects to generate synergies from the transaction. The financial benefits of the Transaction are likely to be realized in a timely manner after closing, when the target businesses have fully integrated with DAT.

The Transaction was approved by the shareholders of DAT, the Securities and Commodities Authority and the Insurance Authority.